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[Industry Focus]：Total investment 5.5 billion, the world's largest PTA project under construction will be put into operation soon.

Read： 763 Time：9months ago Source：仪征融媒体、化工新材料

Recently, Yizheng Chemical Fiber's PTA project with an annual output of 3 million tons is in the middle of the sprint project.

CCCC means that the construction unit has completed all the construction contents on the process operation route, and the process route is fully connected, and the system pressure test, water and electricity combined transportation and other work can be carried out. Up to now, the entire project has been basically completed and will soon be transferred to production and commissioning. It is expected to be put into production and operation in the first quarter of this year.

仪征化纤年产300万吨PTA项目中交仪式.jpg

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Yizheng Chemical Fiber 3 million Tons PTA Project

the 3 million-ton PTA project of Yizheng Chemical Fiber is the largest single PTA project under construction in the world. It is a leading project for the transformation, upgrading and high-quality development of Yizheng Chemical Fiber during the 14th Five-Year Plan. It has been listed as a supervision project of Sinopec's board of directors and a key project of Sinopec. The project meets the requirements of the Jiangsu Provincial Government on the excellent chain and strong chain supplement of the industrial chain and is listed in the list of major projects in Jiangsu Province in 2021.

With a total investment of 5.5 billion yuan, the whole project adopts the latest short process technology of Invida, and has the advantages of large-scale single equipment, green and low carbon. After the construction of the project, it will provide strong support for Yihua Company to expand, strengthen and optimize the medium and high-end synthetic fiber and green new material industry.

Yuan Liangxu, process director of the PTA plant start-up preparation group of Yizheng Chemical Fiber PTA Department, told reporters that the advancement of the project is mainly reflected in the fact that the energy consumption, material consumption and investment per ton of products are only 1/3 to 1/4 of the previous old plant, saving 0.6 billion yuan in raw material cost for 3 million ton.

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On January 2, the integrated annual output of 3.2 million tons of PTA phase III project and supporting projects of Sanfangxiang polyester new materials with a total investment of more than 5 billion yuan were started in Jiangyin Lingang Development Zone.

Hailun Petrochemical, a wholly-owned subsidiary of Sanfangxiang, intends to invest in the construction of an annual output of 3.2 million tons of PTA technical transformation and expansion project, Hailun Petrochemical's existing PTA capacity of 1.8 million tons. After the completion of the new capacity, the company will form an annual output of 5 million tons of PTA production scale.

China's PTA Capacity and Output Increase Significantly

according to the analysis, the total production capacity of China's PTA in 2023 is about 81.665 million tons, up 16.16 percent year-on-year. At the same time, the output also reached about 63.76 million tons, up 18.62 percent year on year. This growth was mainly due to the significant increase in new capacity and the optimization of some of the original capacity. The average operating rate remained near 77.66 per cent, indicating that the industry was generally stable.

In terms of new production capacity, the domestic PTA industry expanded by about 12.5 million tons in 2023, while 2.34 million tons of production capacity was eliminated or consolidated. This increase and decrease reflects the optimization and upgrading of the PTA industry and the trend of centralization.

It is worth noting that the concentration of domestic PTA production capacity is getting higher and higher, and the share of private enterprises is gradually increasing. At present, the production capacity of private enterprises has occupied 85% of the total domestic PTA production capacity, which shows that private enterprises are playing an increasingly important role in the PTA industry.

In 2024, PTA production capacity is expected to continue to show an increasing trend. On the one hand, the original PTA enterprises will further expand the production scale; on the other hand, some downstream enterprises will also expand the raw material equipment to realize the expansion of the industrial chain to the upstream. This development trend will help to realize the development model of the whole industry chain and form a complete industrial chain from "crude oil-PX-PTA-polyester.

China's PTA industry has a significant growth in production capacity in 2023, and we need to pay attention to the problem of overcapacity. With the further concentration of production capacity and the improvement of the industrial chain, China's PTA industry will continue to flourish, but it needs to be vigilant and respond to the risks and challenges of overcapacity.

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